Gu Jingci: 3.22 Bitcoin and Ethereum continue to profit from long and short positions; latest market analysis

Bitcoin and Ethereum yesterday once again set up short positions at 21,600 and 71,000. As expected, the market declined in the early trading session to around 20,460 and 68,200. Targets of 20,50 and 68,500 were fully reached, and short positions successfully took off again. Currently, the market has been declining from the highs of 75,900 and 2,386. In the early session, sharp lows were quickly rebounded, indicating some stabilization. Additionally, Ethereum's price has reached the lower band of the eight-hour Bollinger Bands, forming short-term support. Moving forward, attention will be on the support strength around 2,050 and 6,800.

Overall, the current trend is relatively weak, with the bulls continuously losing ground. This is also the normal state of wide-range oscillation since the breakdown in early February. The daily and four-hour charts show long lower shadows and are currently closing with positive candles, indicating a recovery trend for the bulls. Focus is on whether the market can stabilize and rebound after testing the second bottom. However, there is still short-term resistance overhead. The daily moving average expansion resistance remains at around 2,200 and 71,500. Only a confirmed breakthrough and stabilization above these levels would allow the bulls to look higher.

Trading suggestions: Enter long positions in Bitcoin around 68,500 to 69,000, with targets of 70,500 to 71,500; enter long positions in Ethereum around 2,080 to 2,100, with targets of 2,160 to 2,190.

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